Bitcoin Hits 4.8K Despite News of Russian Ban

The price of Bitcoin remains close to $4,790, a day after news started circulating online that Russia might just be warming up to the idea of banning the cryptocurrency. Only a week ago, the USD price of 1 BTC was closer to $4.3K but thanks to a steady interest and a bullish market trend it has grown back near its former record highs.

The biggest news from this week was yet another possible change of heart from the Russian government about cryptocurrencies. According to the latest information, coming from The Hill, now the country’s central bank seems to be set on blocking Bitcoin exchanges and those who trade other cryptocurrencies.

The information is based on news from local media who said that the central bank has come to the conclusion after President Putin publicly criticized the cryptocurrencies as “risky”. But what is more surprising is that only a month ago, Russia’s Minister of Finance, Anton Siluanov, announced that the country will be regulating cryptocurrencies. Luckily, the news has had no drastic effect on the price.

Market Turns Bullish

In the past week since our last price update, Bitcoin has steadily moved well over its last-week’s $4,300 price range to being very close to a price of $5,000 per 1 BTC. The lowest point during the past week was hit on Thursday, when the price dropped down to 4,166.54, while its peak was hit yesterday, on Tuesday, when Bitcoin reached a value of $4,922.16.

But what’s really interesting to note is that the price was directly linked to the trading volume of the market which jumped from $1.45 billion on Monday to $2 billion the next day. However, it has since dropped back again to the current $1.45b, indicating a drop in interest and less room for big price changes. Naturally, market capitalization is also up, currently sitting at $80 billion.

Our technical analysis shows that the market is heavily oriented towards buying, with 10 out of 12 oscillators and all 12 moving averages sending a buying signal. The SMA 100 is well above the SMA 200 on this time-frame, showing there’s less resistance towards an upward course. Short-term signals are showing a similar trend, indicating that the market is currently bullish. Thus, the overall conclusion is that the price is headed for further growth, unless there’s a new shift in trading trends.

Father of Three Sells Everything for Bitcoin

In other interesting news, a 39-year-old Australian father of three sells his house and auctions all other possessions to invest in Bitcoin and other cryptocurrencies. The man, identified as Didi Taihuttu by the Sydney Morning Herald, reportedly reached the decision after coming back from a nine-month trip around the world with his family.

Taihuttu, whose father passed away from cancer a year before, decided he “had had it” with how he was living and sold his computer courses business to embark on the trip. During his trip, he met several people who were turning to Bitcoin so he decided to do the same when he came back.

But Taihuttu isn’t a new convert to Bitcoin. He has had Bitcoins since 2010 and has been actively buying and selling various cryptocurrencies since then. He is now living on a campsite in the Netherlands, selling all he has to buy Bitcoin and waiting until 2020 when he believes he will triple his wealth. If the idea fails, he says, it won’t be the worst thing in life to be without money for a while. The experience, he believes, will be also educational for his children.